Supriya Ghosh (Editor)

Channel Islands Securities Exchange

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Type
  
Securities exchange

Currency
  
GBP

Location
  
St. Peter Port, Channel Islands

Founded
  
December 2013 (2013-12)

Owner
  
The Channel Islands Securities Exchange Limited

Key people
  
Jon Moulton, Chairman Stephen Lansdown, Deputy Chairman

The Channel Islands Securities Exchange (CISE) is a stock exchange headquartered in St. Peter Port, Guernsey. The CISE provides a responsive and innovative listing facility for international companies to raise capital from investors based around the globe. It offers a regulated marketplace, with globally recognisable clients and a growing product range, from a location within the European time zone but outside the EU.

Contents

Licensing

The CISE is the trading name of The Channel Islands Securities Exchange Limited. It wholly owns The Channel Islands Securities Exchange Authority Limited which is licensed to operate an investment exchange under The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended, by the Guernsey Financial Services Commission.

History

It was launched on 20 December 2013 when the Royal Court of Guernsey approved an arrangement for it to acquire the business of the Channel Islands Stock Exchange.

An office was opened in Jersey in February 2015.

In June 2016 the CISE listed its own shares on its own exchange. The Channel Islands Securities Exchange Authority Limited 2,461,000 ordinary shares have a limited market at present.

December 2016 saw a world-first with a listing on CISE of a global bitcoin fund.

February 2017 saw an announcement that the exchange would rebrand as the "International Stock Exchange". The rules of the exchange having been recently changed to allow listing sponsors to be based in places other than in the Channel Islands.

Listings

The exchange lists a wide range of securities:

  • Primary and secondary listings of securities issued by Guernsey, Jersey and overseas trading companies
  • Investment vehicles, including open and closed ended funds and Real Estate Investment Trusts (REITs)
  • Specialist debt securities for sophisticated investors, including the use of Special Purpose Vehicles (SPVs) and the Quoted Eurobond Exemption for convertible bonds, intra-group financing, structured products and warrants
  • There are specific rules for equities and corporate debt securities issued by extractive industries
  • Special Purpose Acquisition Companies (SPACs) were introduced in November 2015

    • As on June 2016 there were over 2,000 listings with a total market capitalisation in excess of £300 billion.

    International Recognition

    Recognition of the CISE:

  • On 20 December 2013, HMRC deemed the Exchange a Recognised Stock Exchange under Section 1005 of the Income Tax Act 2007.
  • In December 2013, the Exchange was approved as an Affiliate Member of the International Organization of Securities Commissions IOSCO.
  • In December 2013 the Exchange was officially recognised by the Australian Securities Exchange ASX.
  • In March 2015, the Exchange became an Affiliate Member of the World Federation of Exchanges WFE.

    • References

    Channel Islands Securities Exchange Wikipedia
    (Text) CC BY-SA